BAKU, Azerbaijan, Mar. 19
By Klavdiya Romakayeva - Trend:
The volume of trade in the capital market of Uzbekistan in 2020 increased by 32 percent, director of the Capital Market Development Agency in Uzbekistan Otabek Nazirov said at the conference "The role of the financial market in ensuring sustainable economic development: legal and institutional barriers", Trend reports citing the agency.
It is reported that this conference became an important stage in the implementation of the decree of the president of Uzbekistan, in which it was instructed to develop a strategy that provides for the harmonious functioning and development of all segments of the financial market.
It is noted that the strategy was developed with the support of the Asian Development Bank and the European Bank for Reconstruction and Development (EBRD) and submitted for approval.
The former head of the EBRD and adviser to the president of Uzbekistan on economic development, good governance, and international cooperation Suma Chakrabarti supported the reduction of the state share in the economic sector of Uzbekistan.
“The goals and objectives set by Uzbekistan are broad in nature. In this regard, reducing the share of the state in the economic sector is also one of the very big steps. It is also of particular importance in the financial market and provides a further basis for regional cooperation,” the former head of the bank stressed during the conference.
Chakrabarti also noted that the penetration of a number of international banks into the Uzbek market and the issuance of local bonds to the world market also testifies to the development of the capital market.
At the same time, according to the director of the Capital Market Development Agency Otabek Nazirov, the volume of trade in the capital market by the end of 2020 amounted to 578 billion soums ($54.9 million), which is 32 percent more than in 2019.
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